Investment Management – Fourth Quarter 2015

December 30, 2015

Over the past three months, the deceleration of global economic growth dominated the investment narrative.   Would you be surprised to hear the total return of the S&P 500 was 7% over that time, largely reversing August’s declines?  We believe that investors continue to be too pessimistic on the U.S. economy, which has been expanding by 2% annually over the last four years.

Domestically, the tepid growth is a product of a two-tier economy.  The larger consumer-driven segment is growing on the shoulders of strong employment, increasing wages and rising confidence.  

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